Honeywell to buy software maker Matrikon Inc for $142 million
13 May 2010
Honeywell International Inc said today that it was buying software maker Matrikon Inc in a $142 million deal to help its customers improve their operations.
Matrikon makes manufacturing software for management of production and monitoring assets at oil and gas, refining, energy, power and mining plants.
Matrikon grossed $80 million in sales for the 12 months ended February.
The company will become a part of Honeywell Process Solutions. Honeywell Process Solutions is itself part of Honeywell's Automation and Control Solutions business group.
According to Norm Gilsdorf, president of Honeywell Process Solutions, the acquisition would enable Honeywell to help customers improve plant performance.
Honeywell spends between $500 million to $3 billion a year on acquisitions, chief financial officer David Anderson. Most acquisitions are in the ''small to medium'' range, he said last month in an conference call with analysts.
Matrikon, a technology and industrial IT company is based in Edmonton, Canada.